The Bell: authorities estimated 1 trillion RUB in taxes from the crypto market in Russia

The publication got acquainted with an analytical note compiled for the Cabinet of Ministers

07.02.2022 - 11:40

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What’s new? The Bell publication got acquainted with an analytical note compiled for the government that estimates the Russian crypto market at $214 billion (16,4 trillion Russian rubles (RUB) and the volume of taxes from it at 1 trillion RUB.

Material on The Bell website

What does the note say? The unnamed authors of the document cite in it various estimates of the crypto market.

“Citing data from the Coinmarketcap platform <...> the note’s authors write that the average capitalization of the global cryptocurrency market last year was $1,87 trillion, while Russia’s share of this market could have been at least 12%, which is about $214 billion or 16,4 trillion RUB,” The Bell notes.

How did the Cabinet of Ministers react to the note? The government office questioned such figures. The Bell cites a commentary on the note, prepared by the analytical center under the government. In it, the share of Russians on the cryptocurrency market was estimated at a maximum of 13,3 trillion RUB.

What had happened before? The Kremlin estimated the Russian cryptocurrency market at $214 billion, the Bloomberg agency wrote last week, citing its own sources. The figure allegedly came from an analysis of the IP addresses of the largest crypto exchange users and other information.

The publication noted that the valuation of capital may be underestimated since most traders hide their activities.

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